The Dutch government is reportedly considering borrowing for an investment fund to support economic growth. This is a shift from the debt-averse political consensus in the Netherlands. It could increase pressure on Germany to do something similar.

Assessing US tax cuts, Italian public spending, and Fed or ECB policy all require a distinction between the 'cyclical' and 'structural'. But even when you who know the difference, it is easy to make a policy mistake.

The Dutch economy is approaching its limits due to a tight labour market, while imported uncertainty is hindering business investment. This may be the last chance for policymakers to fix the roof while the sun is shining.